Pfizer CEO Albert Bourla, who was in the Oval Office with the president for the announcement, said Mr. Trump's threat of 100% tariffs on drugs manufactured outside the U.S. motivated his company to take swift action. The president said Pfizer's drug prices will be lower starting "immediately."

European healthcare stocks jumped on Wednesday, mirroring moves in the United States, a day after Pfizer and President Donald Trump said the U.S.-based drugmaker had agreed to lower prescription drug ...